The National Foreclosure Mitigation Counseling (NFMC) program has just reached a major milestone: 2 million homeowners served!
Few programs have been shown to be as effective at assisting homeowners as the NFMC program. Research from the Urban Institute
- Counseled homeowners were nearly twice as likely to receive a cure for their serious delinquency or foreclosure as non-NFMC counseled homeowners.
- Counseled homeowners were about 1.5 times more likely to not have their mortgage re-enter a troubled status after receiving a loan modification cure.
- NFMC-counseled homeowners who received a modification had their annual payment reduced by an average of $4,980.
This milestone could have not been reached without the tireless effort of the NeighborWorks organizations, state housing finance agencies and HUD-approved housing counseling intermediaries participating in the program.